Do you think a 800 sq foot 100 year old home on Queen Anne hill is worth $600k....or is the location of being on Quene Anne hill worth $600k? 

Factor in a good property manager and you can easily pull $500 from a MF in the $150-$200k range.San Tan/Quen Creek are cheaper markets but rents are also lower, that's a great area for SFR rentals but it will still be tough attaining $500 with financing.